Price to Book Value (P/BV)
since 2005
Calculation
Amphenol Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity attributable to Amphenol Corporation1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 7, 2024 | 7.49 | = | 104.26 | ÷ | 13.91 | 13.91 | = | 8,346,500 | ÷ | 599,854,853 | |
| Feb 8, 2023 | 6.89 | = | 81.28 | ÷ | 11.80 | 11.80 | = | 7,015,600 | ÷ | 594,604,514 | |
| Feb 9, 2022 | 7.60 | = | 79.99 | ÷ | 10.52 | 10.52 | = | 6,302,000 | ÷ | 598,939,773 | |
| Feb 10, 2021 | 7.31 | = | 65.66 | ÷ | 8.99 | 8.99 | = | 5,384,900 | ÷ | 599,153,422 | |
| Feb 12, 2020 | 6.81 | = | 51.78 | ÷ | 7.60 | 7.60 | = | 4,530,300 | ÷ | 596,202,310 | |
| Feb 13, 2019 | 6.82 | = | 45.93 | ÷ | 6.74 | 6.74 | = | 4,017,000 | ÷ | 596,174,420 | |
| Feb 21, 2018 | 6.92 | = | 45.21 | ÷ | 6.53 | 6.53 | = | 3,989,800 | ÷ | 610,967,560 | |
| Feb 17, 2017 | 5.82 | = | 34.73 | ÷ | 5.97 | 5.97 | = | 3,674,900 | ÷ | 615,328,656 | |
| Feb 19, 2016 | 4.96 | = | 26.05 | ÷ | 5.26 | 5.26 | = | 3,238,500 | ÷ | 616,076,154 | |
| Feb 20, 2015 | 6.07 | = | 28.46 | ÷ | 4.69 | 4.69 | = | 2,907,400 | ÷ | 620,391,200 | |
| Feb 21, 2014 | 4.88 | = | 22.04 | ÷ | 4.52 | 4.52 | = | 2,859,509 | ÷ | 632,798,072 | |
| Feb 22, 2013 | 4.65 | = | 17.70 | ÷ | 3.80 | 3.80 | = | 2,429,959 | ÷ | 638,792,392 | |
| Feb 24, 2012 | 4.24 | = | 14.08 | ÷ | 3.32 | 3.32 | = | 2,171,769 | ÷ | 653,329,832 | |
| Feb 28, 2011 | 4.36 | = | 14.37 | ÷ | 3.30 | 3.30 | = | 2,320,855 | ÷ | 703,734,272 | |
| Feb 23, 2010 | 4.09 | = | 10.31 | ÷ | 2.52 | 2.52 | = | 1,746,077 | ÷ | 692,930,404 | |
| Feb 23, 2009 | 3.17 | = | 6.25 | ÷ | 1.97 | 1.97 | = | 1,349,425 | ÷ | 684,749,272 | |
| Feb 26, 2008 | 5.36 | = | 9.58 | ÷ | 1.79 | 1.79 | = | 1,264,914 | ÷ | 708,261,032 | |
| Feb 21, 2007 | 6.70 | = | 8.49 | ÷ | 1.27 | 1.27 | = | 902,994 | ÷ | 712,220,144 | |
| Mar 16, 2006 | 6.79 | = | 6.43 | ÷ | 0.95 | 0.95 | = | 689,235 | ÷ | 727,738,264 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Amphenol Corp. Annual Report.
The financial data reflects a long-term trajectory of growth in both market valuation and intrinsic book value. While the share price experienced periods of volatility, the book value per share maintained a consistent upward climb, suggesting a steady accumulation of net assets over the nearly two-decade period.
- Book Value Expansion
- A continuous increase in Book Value per Share (BVPS) is observed from 2006 to 2024. Starting at 0.95 US$, the BVPS grew annually without exception, reaching 13.91 US$ by February 2024. This consistent growth indicates a sustained increase in the company's equity base.
- Price to Book Value (P/BV) Volatility
- The P/BV ratio experienced significant fluctuations, most notably between 2008 and 2010. The ratio declined from 5.36 in 2008 to a period low of 3.17 in 2009, coinciding with a temporary contraction in share price. A recovery followed, with the ratio returning to the 4.00 to 5.00 range by 2014.
- Valuation Multiple Expansion
- From 2015 onward, a general expansion in the valuation multiple is evident. The P/BV ratio shifted from a historical average of approximately 4.00 to 5.00 toward a higher range of 6.00 to 7.60. The peak multiple of 7.60 was reached in 2022, before stabilizing at 7.49 in 2024.
- Correlation Between Price and Book Value
- While the share price grew from 6.43 US$ to 104.26 US$, the growth was not linear. However, the P/BV ratio suggests that the market valuation has consistently remained well above the accounting book value, reflecting a sustained market premium attributed to the company's assets and earnings potential.
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Comparison to Competitors
Amphenol Corp., P/BV, long-term trends, comparison to competitors
| Amphenol Corp. | Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Lumentum Holdings Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|---|
| Feb 7, 2024 | 7.49 | 44.21 | 11.50 | 5.19 | — | 2.62 | 6.85 |
| Feb 8, 2023 | 6.89 | 48.89 | 8.87 | 4.69 | — | 3.31 | 2.54 |
| Feb 9, 2022 | 7.60 | 38.96 | 10.05 | 5.99 | 27.38 | 3.19 | 1.65 |
| Feb 10, 2021 | 7.31 | 28.33 | 7.15 | 4.57 | — | 3.61 | 1.35 |
| Feb 12, 2020 | 6.81 | 12.21 | 5.91 | 6.12 | — | 2.77 | 1.21 |
| Feb 13, 2019 | 6.82 | 8.93 | 9.33 | 5.00 | — | 4.66 | 1.33 |
| Feb 21, 2018 | 6.92 | 6.61 | 11.10 | 2.38 | — | 5.57 | 1.28 |
| Feb 17, 2017 | 5.82 | 4.81 | 7.63 | 2.48 | — | 4.26 | 1.44 |
| Feb 19, 2016 | 4.96 | 5.57 | 5.86 | 2.23 | — | 2.63 | 2.08 |
| Feb 20, 2015 | 6.07 | 5.53 | 8.22 | 2.24 | — | — | 2.56 |
| Feb 21, 2014 | 4.88 | 3.82 | — | 2.19 | — | — | 1.51 |
| Feb 22, 2013 | 4.65 | 4.74 | — | 1.97 | — | — | 1.63 |
| Feb 24, 2012 | 4.24 | 4.86 | — | 1.86 | — | — | 1.78 |
| Feb 28, 2011 | 4.36 | 5.91 | — | 2.73 | — | — | 1.64 |
| Feb 23, 2010 | 4.09 | 6.39 | — | 3.46 | — | — | 1.56 |
| Feb 23, 2009 | 3.17 | 4.37 | — | 3.83 | — | — | 2.20 |
| Feb 26, 2008 | 5.36 | 9.90 | — | 6.20 | — | — | 2.20 |
| Feb 21, 2007 | 6.70 | 7.30 | — | 5.80 | — | — | — |
| Mar 16, 2006 | 6.79 | 8.09 | — | 4.92 | — | — | — |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Technology Hardware & Equipment)
Amphenol Corp., P/BV, long-term trends, comparison to sector (technology hardware & equipment)
| Amphenol Corp. | Technology Hardware & Equipment | |
|---|---|---|
| Feb 7, 2024 | 7.49 | 27.27 |
| Feb 8, 2023 | 6.89 | 28.45 |
| Feb 9, 2022 | 7.60 | 24.77 |
| Feb 10, 2021 | 7.31 | 19.33 |
| Feb 12, 2020 | 6.81 | 11.13 |
| Feb 13, 2019 | 6.82 | 7.77 |
| Feb 21, 2018 | 6.92 | 5.24 |
| Feb 17, 2017 | 5.82 | 4.05 |
| Feb 19, 2016 | 4.96 | 4.45 |
| Feb 20, 2015 | 6.07 | 4.43 |
| Feb 21, 2014 | 4.88 | 3.29 |
| Feb 22, 2013 | 4.65 | 3.89 |
| Feb 24, 2012 | 4.24 | 3.71 |
| Feb 28, 2011 | 4.36 | 4.38 |
| Feb 23, 2010 | 4.09 | 4.68 |
| Feb 23, 2009 | 3.17 | 4.03 |
| Feb 26, 2008 | 5.36 | 7.36 |
| Feb 21, 2007 | 6.70 | 6.24 |
| Mar 16, 2006 | 6.79 | 5.69 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Information Technology)
Amphenol Corp., P/BV, long-term trends, comparison to industry (information technology)
| Amphenol Corp. | Information Technology | |
|---|---|---|
| Feb 7, 2024 | 7.49 | 11.29 |
| Feb 8, 2023 | 6.89 | 10.25 |
| Feb 9, 2022 | 7.60 | 12.37 |
| Feb 10, 2021 | 7.31 | 10.94 |
| Feb 12, 2020 | 6.81 | 8.41 |
| Feb 13, 2019 | 6.82 | 7.00 |
| Feb 21, 2018 | 6.92 | 5.46 |
| Feb 17, 2017 | 5.82 | 4.53 |
| Feb 19, 2016 | 4.96 | 4.30 |
| Feb 20, 2015 | 6.07 | 4.36 |
| Feb 21, 2014 | 4.88 | 3.50 |
| Feb 22, 2013 | 4.65 | 3.75 |
| Feb 24, 2012 | 4.24 | 3.98 |
| Feb 28, 2011 | 4.36 | 4.16 |
| Feb 23, 2010 | 4.09 | 4.31 |
| Feb 23, 2009 | 3.17 | 4.00 |
| Feb 26, 2008 | 5.36 | 8.64 |
| Feb 21, 2007 | 6.70 | 7.24 |
| Mar 16, 2006 | 6.79 | 7.40 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).